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What skills do internal auditors need?
Risk management skills
The ultimate aim of internal auditors is to reduce the overall business and operational risks to which the company may be vulnerable. This requires a thorough understanding of risk management principles and their application in the real world.
In addition to identifying risks, internal auditors are also expected to come up with plans and implementation strategies in order to better control and monitor those risks in the future. This means that the role is not only about identifying problems but also remedying them.
Problem-solving skills
Internal auditors can come across complex problems on a daily basis. For example, consider a situation where you need to figure out how to process a massive database of transactions for any errors or intentional manipulation. As another example, consider a situation where you detect an operational error and have to devise a mechanism to prevent and control for it in the future.
Such problems require out-of-the-box thinking and the ability to tap into previous experience in order to solve them. A multidisciplinary approach is usually called for which combines operational, technological, risk management and business principles.
Accounting experience
Accounting experience is always preferred as the internal audit function has a lot in common with the role of accountants. It is because of this reason that most internal auditors have an accounting background or even professional accounting certifications.
This is not a mandatory requirement in all cases, but it is definitely something that can add value to your CV as an internal auditor.
Project management skills
Some internal audit tasks can be big enough to qualify as independent projects in their own right. Auditors must then put on their project management hats in order to effectively plan, execute and report on such audit missions.
Planning for audit projects starts with understanding the goals of the project, the resources available, the timelines, manpower needs, cross-department support, external consultants, etc. Once the requirements are in place, a plan must be drawn up and goals, deliverables, and responsibilities stated.
Then the actual execution begins where the internal audit team must communicate with all other business functions in order to get the relevant data and other information necessary for them to perform their audit mission. This is followed by data analysis and other checks and ends with a final audit report prepared for management.
Product knowledge
In order to successfully audit a business function or process, a deep and thorough understanding of the underlying product or service is necessary. Some products can be quite complex and internal auditors need to have the necessary product knowledge to effectively perform their duties.
For example, an internal auditor working at a financial institution may need to have experience with derivatives, fixed income products, credit risk and so on. While an internal auditor working at a manufacturing company might need to understand how the head office works, how the factories operate, how the distribution centres operate, how the sales offices handle their data, how the service centres perform their roles, what are the tasks assigned to third party vendors and so on.
Regulatory knowledge
Internal auditors look at regulatory reports and also need to audit financial statements and the data that goes into them. This requires a thorough understanding of local laws related to their business as well as international accounting and reporting standards.
In addition to all of this, companies also have their own internal guidelines, control mechanisms and governance rules that need to be followed. All of this necessitates a considerable amount of ongoing training.
Communication skills
Internal auditors spend a lot of time gathering data and information from other teams and communicating the result of their audits with management and leadership. Both of these tasks require exceptional verbal, written and interpersonal communication skills.
Effective communication is necessary in order to get the relevant data from the correct people and at the right time. Similarly, corporate leadership expects concise and to the point results which internal auditors must effectively communicate to them.
Data analytics
Internal audit is a rather data-driven function which necessitates the use of advanced computational and data analytics techniques. This is why many companies now prefer candidates with data analytics and computational programming experience of some sort. For example, experience in SQL or other database management tools will be considered quite relevant.
Leadership skills
Internal auditors are expected to lead a team of professionals in order to achieve their goals. This requires team management, budgeting, task allocation, coordination, conflict management and all the other skills needed to effectively run a department.
Internal auditors have their own chain of command which can go all the way up to Chief Audit Officer or Chief Internal Auditor. Going higher up the chain of command means more responsibility, while also offering more opportunities for professional growth.
Student Loans in South Africa: How to Apply and What to Expect
For many young South Africans, accessing higher education is a dream that often comes with a financial challenge. Fortunately, several student loan optionsstrong> are available in South Africa to help fund university, college, or TVET studies. Whether you’re looking for a government loan like NSFAS or a private student loan from a bank, understanding the process is essential for success.
What Are Student Loans?
Student loans are a form of financial aid provided to eligible students to help cover tuition fees, books, accommodation, and other study-related expenses. In South Africa, these loans can come from government institutions like NSFAS or private banks such as Nedbank, Standard Bank, FNB, and Absa. Most loans offer repayment flexibility and low-interest options until you graduate.
Types of Student Loans in South Africa
- NSFAS (National Student Financial Aid Scheme): A government-funded loan/grant program for students from low-income households. Covers tuition, housing, transport, and meals.
- Bank Student Loans: Offered by most major banks. These are credit-based and require a guardian or parent as a co-signer.
- Private Loan Providers: Companies like Fundi offer educational loans covering various costs such as school fees, gadgets, and textbooks.
Requirements to Qualify for a Student Loan
Each provider has its own criteria, but most South African student loans require the following:
- Proof of South African citizenship or permanent residency
- Proof of registration or acceptance at a recognised tertiary institution
- Parent or guardian with a stable income to co-sign (for private loans)
- Completed application form with supporting documents (ID, proof of income, academic records)
How to Apply for a Student Loan
To apply for a student loan in South Africa, follow these steps:
- Identify your loan provider: Choose between NSFAS, a bank, or a private lender.
- Gather necessary documents: ID copies, academic transcripts, acceptance letters, and income statements.
- Complete the application form online or at a branch.
- Await approval: Some banks offer instant decisions, while NSFAS can take a few weeks.
- Receive disbursement: Funds are typically paid directly to the institution or your account, depending on the lender.
Loan Amounts and Repayment
The loan amount you can receive depends on your chosen lender and financial need:
- NSFAS: Covers full tuition, residence, books, and a personal allowance. The loan becomes a bursary if you pass all your courses.
- Banks: Can provide up to R120,000 or more annually, depending on tuition costs and credit history.
Repayment usually starts after graduation or once you start earning an income. Bank loans may require interest-only payments during your studies. NSFAS repayment only begins when you earn above a specific income threshold.
FAQs on Student Loans in South Africa
1. Can I apply for a student loan without a parent or guardian?
For government loans like NSFAS, yes. But most banks require a financially responsible co-signer, especially for students without an income.
2. Is NSFAS a loan or a bursary?
NSFAS starts as a loan, but it converts to a bursary if you meet academic performance requirements. This means you may not have to pay it back.
3. What is the interest rate on student loans?
Private banks offer competitive rates between 5% and 12%, depending on the applicant's credit profile. NSFAS charges a much lower interest rate, usually linked to inflation.
4. What happens if I fail my courses?
If you’re funded by NSFAS and fail, your loan won’t convert into a bursary, and you’ll need to repay the full amount. Banks may continue charging interest, and your co-signer may be held liable.
5. Can I use a student loan to pay for accommodation and laptops?
Yes. Both NSFAS and many bank student loans cover costs beyond tuition, including housing, meals, textbooks, and electronic devices like laptops or tablets.
Final Thoughts
Student loans in South Africa offer a much-needed financial lifeline to thousands of students every year. Whether you're applying through **NSFAS** or a private bank, ensure you understand the **terms, interest rates, and repayment conditions** before signing any agreement. Make informed decisions today to secure your academic and financial future tomorrow.